UWM Holdings Corporation (UWMC), the publicly traded indirect parent of United Wholesale Mortgage (UWM), reported an increase in loan production and revenue for full-year 2025, as the Pontiac, Mich.-based lender originated $163.4 billion in mortgage loans, up from $139.4 billion in 2024. Fourth-quarter production reached $49.6 billion, marking the company’s largest quarterly origination volume since 2021.
Total revenue rose to $3.2 billion for the year, compared with $2.7 billion in 2024, while fourth-quarter revenue climbed to $945.2 million, reflecting both higher production volume and improved operational leverage. Net income for 2025 totaled $244.0 million, down from $329.4 million the prior year, though quarterly profitability strengthened significantly, with fourth-quarter net income reaching $164.5 million, up sharply from $12.1 million in the prior quarter.
Refinance activity was a key growth driver, with refinance originations surging to $70.3 billion in 2025 from $43.4 billion in 2024. By contrast, purchase volume declined modestly to $93.2 billion from $96.1 billion, reflecting ongoing affordability pressures and constrained housing supply.
The company ended the fourth quarter with approximately $1.8 billion in available liquidity and a mortgage servicing rights (MSR) portfolio with an unpaid principal balance (UPB) of $240.8 billion, reflecting continued growth in its servicing footprint.
"I am proud of our team. We had another strong quarter financially, and an outstanding year overall," added Mat Ishbia, chairman, CEO, and president of UWMC. "We have incredible scale, a low-cost model, and, with in-house servicing, the new BILT partnership, and the pending Two Harbors acquisition, you can begin to see our vision of a closed-loop platform. These moves accelerate broker channel growth, drive borrower retention, and strengthen our leadership position. We’re prepared to win operationally, financially, and strategically in 2026 and remain focused on delivering long-term value for our shareholders, team members, brokers, and consumers."
Looking ahead, UWM projected its first-quarter 2026 revenue to be between $650 million and $850 million, signaling continued production momentum, despite interest rates and housing affordability remaining key variables weighing on overall borrower demand.
